Hexagon joins H2Bus Consortium to drive zero-emission public transportation

Mon 06, 2019 - Stock Exchange Release

Hexagon Composites, together with other leading hydrogen players, announced today the establishment of the H2Bus Consortium. The members of the consortium are committed to deploying 1,000 hydrogen fuel cell electric buses along with supporting infrastructure in European cities at commercially competitive rates. The full realization of this project is expected to culminate in the largest hydrogen bus order till date for the Company.

Hexagon’s business areas Agility Fuel Solutions and Hexagon Purus will provide hydrogen fuel solutions to bus OEMs, for use in public transport fleets as well as high capacity trailers for distribution of hydrogen.

This ground-breaking hydrogen fuel cell electric bus solution will be the most cost-effective truly zero-emission option available, with a single-decker bus price below €375,000 after funding, a hydrogen price between €5 and €7 per kilogram and a service cost of €0.30 per kilometre.

“This project showcases our technology leadership and capability to offer hydrogen storage systems to support public transport agencies in reaching their sustainability goals,” says Rick Rashilla, Senior Vice President, Hydrogen Automotive of Hexagon Purus. “Together with our partners we are committed to deploying the most cost effective, truly zero-emission option available.”

The first phase of the project, totaling 600 buses, is supported by €40 million from EU’s Connecting European Facilities (CEF1) program. The funding will enable the deployment of 200 hydrogen fuel cell electric buses respectively in each of Denmark, Latvia and the UK by 2023.

“For decades, we have supplied compressed natural gas (CNG) fuel systems to European and North American bus manufacturers in various commercial vehicle applications. We’re pleased to apply our experience and capabilities to deliver hydrogen fuel systems into a project of significant magnitude,” says Seung Baik, President of Agility Fuel Solutions. “Where public transport fleets have requirements for long driving range, we believe there is significant potential for hydrogen to play a key role in the zero-emission mobility future.”

See the attached press release by H2Bus for more information or visit www.h2bus.eu

For more information:
Rick Rashilla, Senior Vice President, Hydrogen Automotive, Hexagon Purus
Phone: +49 561 58 54 90| [email protected]

Hiva Ghiri, Vice President Investor Relations, Hexagon Composites ASA
Telephone: +47 958 66 790 | [email protected]

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | [email protected]

About H2Bus
H2Bus is a consortium formed by the members Everfuel, Wrightbus, Ballard Power Systems, Hexagon Composites, Nel Hydrogen and Ryse Hydrogen, all leading players in the hydrogen fuel cell electric value chain. Our purpose is to provide the most affordable truly zero-emission solution to the European public transport sector.

For more information, please visit www.h2bus.eu

About Hexagon Composites
Hexagon delivers safe and innovative solutions for a cleaner energy future. Our solutions enable storage, transportation and conversion to clean energy in a wide range of mobility, industrial and consumer applications.

For more information, please visit www.hexagongroup.com

Follow us on Twitter: @HexagonASA

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

1 CEF supports the development of high performing, sustainable and efficiently interconnected trans-European networks in the fields of transport, energy and digital services.